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Pharmaceutical advisory boards deliver strategic inputs and direction on various marketing, clinical, payer and physician related issues that affect business operations. To maximize the return on investment, it is important for biopharmaceutical and medical device companies to structure their advisory boards effectively and invest resources optimally.

Best Practices, LLC recently undertook a study to establish benchmarks on effective advisory board management at small pharmaceutical and medical device organizations. The study provides leading insights and metrics on the appropriate structure for various types of advisory boards, selection of advisory board members, advisory board operational and resource benchmarks. It also highlights the top challenges, winning strategies and best practices in conducting effective advisory boards at small biopharmaceutical companies.

NOTE: Segmentation analysis was key to examining trends and effective practices. This research captures insights from the Small Companies Segment.

Best Practices, LLC engaged 35 executives from 29 leading life sciences companies through a benchmarking survey. Segmentation analysis was key to examining trends and effective practices. Twelve participants from 12 companies with annual revenues less than $1 Billion USD comprise the Small Companies Segment (SC). Most responses came from the United States and Canada (63%), followed by Asia (20%).

Key Findings

· Physician and Clinical Advisory Boards Most Common: Six out of 10 total benchmark maintain physician and clinical advisory boards.

Segments: Two-thirds of the small companies have physician advisory boards currently present while half of them have clinical advisory boards. A little less than 50% of small companies are hosting marketing advisory boards.

· Many Companies Do Not Use Payer Advisory Boards: Payer advisory boards are relatively new and only 29% of total benchmark currently use them. With the implementation of the Affordable Care Act, the importance of payer advisory boards will increase over time.

Segments: Only 17% of small companies have payer advisory boards, indicating that they are still in nascent stages in this segment.

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